Gold analysis: Recovers on Tuesday

Dukascopy Bank Team Dukascopy Bank SA

Gold

The rate traded near the 1,765.00 mark throughout Monday. From GMT midnight to Tuesday, the price of gold started a surge. Namely, by 09:30 GMT, the bullion had already almost reached the 1,785.00 level. During the surge, the resistance of the 55, 100, and 200-hour simple moving averages was ignored.

A continuation of the surge of the price for gold might eventually reach and once again test the resistance of the 1,800.00 mark. The 1,800.00 mark acted as a resistance level on October 14.

However, a decline might look for support in the 1,760.25/1,763.40 zone, which acted as support on Monday. Below this zone, the October low levels below 1,750.00 could act as support.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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